BRVM : Togo’s TPTG 6.90% 2018-2023 bonds listed

Finance

Monday, 21 May 2018 17:07

BRVM : Togo’s TPTG 6.90% 2018-2023 bonds listed

(Togo First) - The Bourse Régionale des Valeurs Mobilières (BRVM) listed last Friday Togo’s 2018-2023 6.90% TPTG bond.

Issued between December 20, 2017 and January 20, 2018, the transaction arranged by Sogebourse, and Socété Générale Togo. It helped Togo raise nearly 61.8 billion CFA, while it initially aimed for 60 billion. This represents a 103% coverage rate. According to the government, the funds will be used to clear most of its internal debt, in line with agenda set with the International Monetary Fund (IMF).

With this bond, Togo has secured CFA314.18 billion, including 156 billion as Sukuk, on the regional market, since 2006.

Subsequently, the country becomes the fourth largest issuer of WAEMU, after Côte d’Ivoire, Senegal and Burkina Faso, thus reflecting investors’ trust in its economic and financial policies.

This first listing will make more attractive and boost liquidity of Togo’s bonds on BRVM’s secondary market, and grant a good issuer profile on the Abidjan-based stock market. Actually, Togolese minister of finance, Sani Yaya announced a second bond issuance during this year.

“Togo’s government will keep taking advantage of the opportunity offered by the regional market by issuing more public securities,” the official said. “I would like to announce that we plan another issuance this year, still to improve public finances and clear debt, in order to boost the economy,” he added.

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.